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Keywords:household finance 

Working Paper
Mortgage Choice in the Housing Boom: Impacts of House Price Appreciation and Borrower Type

The U.S. housing boom during the first part of the past decade was marked by rapid house price appreciation and greater access to mortgage credit for lower credit-rated borrowers. The subsequent collapse of the housing market and the high default rates on residential mortgages raise the issue of whether the pace of house price appreciation and the mix of borrowers may have affected the influence of fundamentals in housing and mortgage markets. This paper examines that issue in connection with one aspect of mortgage financing, the choice among fixed-rate and adjustable-rate mortgages. This ...
Working Paper Series , Paper 2014-5

Working Paper
Information, Contract Design, and Unsecured Credit Supply: Evidence from Credit Card Mailings

How do lenders of unsecured credit use screening and contract design to mitigate the risks of information asymmetry and limited commitment in the absence of collateral? To address this question, we take advantage of a unique dataset of over 200,000 credit card mail solicitations to a representative sample of households over the recent credit cycle--a period that includes the implementation of the CARD Act. We find that while lenders use credit scores as a prominent screening device, they also take into account a wide array of other information on borrowers' credit histories and financial and ...
Finance and Economics Discussion Series , Paper 2015-103

Working Paper
Losing Public Health Insurance: TennCare Disenrollment and Personal Financial Distress

A main goal of health insurance is to smooth out the financial risk that comes with health shocks and health care. Nevertheless, there has been relatively sparse evidence on how health insurance affects financial outcomes. The few studies that exist focus on the effect of gaining health insurance. This paper explores the effect of losing public health insurance on measures of individual financial well-being. In 2005, the state of Tennessee dropped about 170,000 individuals from Medicaid, resulting in a plausibly exogenous shock to health insurance status. Both across- and within-county ...
FRB Atlanta Working Paper , Paper 2017-6

Discussion Paper
Introducing the FRBNY Survey of Consumer Expectations: Measuring Price Inflation Expectations

In this second of a series of four blog postings, we discuss the data on inflationexpectationscollected in our new FRBNY Survey of Consumer Expectations (SCE). Inflation expectations are a key consideration for monetary policy as they are believed to influence consumer behavior, thereby affecting economic activity and actual inflation. The SCE data on inflation expectations represent a major innovation as they contain information not previously collected from consumers on a regular basis. In this post, we provide some background on the survey and presentsome initial findings.
Liberty Street Economics , Paper 20131204a

Discussion Paper
Introducing the FRBNY Survey of Consumer Expectations: Labor Market Expectations

In the previous two blog postings in this series, we described the goals, structure, and content of the new FRBNY Survey of Consumer Expectations (SCE) and presented some findings regarding inflation expectations. In this third posting, we focus on the labor market component of the SCE.
Liberty Street Economics , Paper 20131205

Discussion Paper
Just Released: Press Briefing on Student Loan Borrowing and Repayment Trends, 2015

This morning, Jamie McAndrews, the Director of Research at the Federal Reserve Bank of New York, spoke to the press about the economic recovery, and his speech was followed by a special briefing by New York Fed economists on student loans. Here, we provide a short summary of the student loan briefing.
Liberty Street Economics , Paper 20150416

Discussion Paper
The Survey of Consumer Expectations Turns Two!

The Federal Reserve Bank of New York?s Survey of Consumer Expectations (SCE) turned two years old in June. In this post, we review some of the key findings from the first two years of the survey?s history, highlighting the most noteworthy trends revealed in the data.
Liberty Street Economics , Paper 20150713a

Discussion Paper
Whither Mortgages?

Our most recent Quarterly Report on Household Debt and Credit showed that although total household debt has increased somewhat since 2012, that growth has been driven almost entirely by nonhousing debt?credit cards, auto loans and student loans. The largest category of household debt?mortgages?has been essentially flat since 2012, in spite of a substantial rise in housing prices over that period. In this post, we explore the sources of the sluggish growth in mortgage debt using our New York Fed Consumer Credit Panel, which is based on Equifax credit data.
Liberty Street Economics , Paper 20160222

Discussion Paper
Just Released: Recent Developments in Consumer Credit Card Borrowing

The Federal Reserve Bank of New York?s Center for Microeconomic Data today released its Quarterly Report on Household Debt and Credit for the second quarter of 2016. It showed that overall household debt increased modestly over the period, with subdued mortgage originations and moderate but continued increases in non-housing related credit?particularly auto loans and credit cards. The total outstanding credit card balance now stands at $729 billion, up $17 billion from the first quarter, but still well below the peak of $866 billion reached in the fourth quarter of 2008. Credit card ...
Liberty Street Economics , Paper 20160809a

Working Paper
Partially Disaggregated Household-level Debt Service Ratios: Construction and Validation

Currently published data series on the United States household debt service ratio are constructed from aggregate household debt data provided by lenders and estimates of the average interest rate and loan terms of a range of credit products. The approach used to calculate those debt service ratios could be prone to missing changes in loan terms. Better measurement of this important indicator of financial health can help policymakers anticipate and react to crises in household finance. We develop and estimate debt service ratio measures based on individual-level debt payments data obtained ...
Working Papers (Old Series) , Paper 1623

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